2007-03-23 21:12:15 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
Give all your assets and money away, live for another seven years and then you won't pay anything!
On a serious note, you will only pay inheritance tax of 40% on the total value of your assets over the "nil-rate band" which is £300,000 for 07/08. Some assets will qualify for relief, e.g. transfers between husband and wife, business property.
If in doubt, please speak to a tax adviser and with a bit of planning you could save a lot of inheritance tax.
2007-03-25 09:25:41 · answer #1 · answered by ~cathy~ 1 · 0⤊ 0⤋
The government needs the money.
Personally I think it is fair - why should people get millions because of an accident of birth.
However the rich will always find ways round things so a higher tax threshold would help us poor mortals.
2007-03-23 21:33:49 · answer #2 · answered by margaret w 6 · 0⤊ 1⤋
Because we have a greedy chancellor who would tax the air we breath if he could only find a way to do it. When the inventor of television asked for a grant to develop his invention the government said no, Baird said you might be able to tax it !and they gave him a grant.
2007-03-24 00:42:08 · answer #3 · answered by John L 5 · 0⤊ 0⤋
its to discourage people accumulating wealth to pass on to the next generation. It was devised by the Left wing politicians who didnt like upper classes children having a head-start in life.
Curiously, its the Labour party thats brought in Child bonds to encourage childern having a head-start in life.
2007-03-23 21:54:56 · answer #4 · answered by Jomtien C 4 · 1⤊ 0⤋
because you have to pay tax on all income that you recieve
2007-03-23 21:15:55 · answer #5 · answered by GUMMY 1 · 0⤊ 0⤋
cos we are in the uk and they tax u on anything and everything they can think of
2007-03-23 21:23:18 · answer #6 · answered by kj 5 · 0⤊ 0⤋
because everything's taxed now!
2007-03-23 21:19:36 · answer #7 · answered by I know nothing! 5 · 0⤊ 0⤋
Your Labour government working for YOU.
2007-03-24 00:52:13 · answer #8 · answered by Bostonian In MO 7 · 0⤊ 0⤋
IHT is paid on deceased estates, so, unless yoiu are dead, you don't pay it.
2007-03-24 06:58:26 · answer #9 · answered by fengirl2 7 · 0⤊ 0⤋